Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,479/mo
Lowest payment- Down payment
- $37,472
- Funds due
- $48,174
- Interest + MI left
- $285,534
- First ends
- Jul 2052
New loan
New conventional
$2,685/mo
+$207/mo- Down payment
- $34,800
- Funds due
- $43,396
- Interest + MI left
- $474,989
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,528 | $313,200 |
| Second mortgage | — | — |
| First P&I | $1,788.05 | $2,168.53 |
| Second P&I | — | — |
| Mortgage insurance | $236.47 | $62.64 |
| Taxes, insurance & HOA | $454.08 | $454.08 |
| Total housing payment | $2,478.61 | $2,685.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,472
Closing costs & prepaids$10,702
Usable credit−$0
Total buyer cash needed$48,174
Earnest money paid−$0
Remaining funds due$48,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$117.25
Initial HOA (3 months)$795.00
Prepaid interest, first (2 days)$84.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 8 moOf the original 30-year loan at 4.980%
Interest already paid$69,666Through Nov 2026
Assumption only · ends Jul 2052$285,534
New conventional · ends Dec 2056$474,989